Written by ForexBrokers.com
In this head to head comparison of Pepperstone vs IC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing Pepperstone and IC Markets, both established online brokers, it's important to consider their regulatory status and Trust Scores. Pepperstone, founded in 2010, holds three Tier-1 and two Tier-2 licenses. These licenses contribute to its impressive Trust Score of 95 out of 99, categorizing it as highly trusted according to ForexBrokers.com. This strong regulatory foundation reflects Pepperstone's commitment to providing a secure trading environment, even though it is neither a publicly traded company nor a bank.
Meanwhile, IC Markets was founded in 2007 and also operates as a private entity without banking status. It holds two Tier-1 licenses but lacks Tier-2 licenses, resulting in a ForexBrokers.com Trust Score of 84. This score still places IC Markets in the trusted category, though it signifies a slightly higher risk than Pepperstone. Both brokers offer reliable services, but Pepperstone's higher Trust Score and greater number of licenses make it the more preferred choice in terms of regulatory standing.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Year Founded | 2010 | 2007 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 3 |
Pepperstone and IC Markets are both popular online brokers recognized for their competitive pricing structures, yet they cater differently to traders based on their fee models. Pepperstone, earning a 4.5-star rating in the Commissions and Fees category, is ranked #10 out of 62 brokers by ForexBrokers.com. It offers a noteworthy Razor account with commission-based pricing tailored for active traders. This account features an average spread of 0.10 pips on the EUR/USD, which, after including the commission, brings the all-in cost to around 0.80 pips. Their Standard account is commission-free but has a higher average spread of 1.1 pips, making it less cost-effective for high-frequency traders. Pepperstone is particularly appealing to professional clients in the UK, EU, and Australia who can benefit from rebates on spreads through its Active Trader program, depending on their trading volume.
IC Markets, on the other hand, stands out by securing a 5-star rating and the #5 ranking by ForexBrokers.com in the same category. Known for its low-cost trading, IC Markets offers a choice between the commission-free Standard account and two Raw Spread accounts, which cater to MetaTrader and cTrader platforms. Their effective spreads are competitive, exemplified by the EUR/USD spread averaging just 0.02 pips. When commissions are considered, the cTrader account’s all-in cost is approximately 0.62 pips, while the MetaTrader account costs about 0.72 pips. Moreover, IC Markets provides advantages for active traders, such as cost reductions for trading volumes exceeding 100 standard lots per month, making it a cost-efficient choice for volume traders.
Choosing between Pepperstone and IC Markets depends on individual trading needs and preferences. Pepperstone excels with its Razor account and Active Trader program, ideal for professional clients seeking rebates and reduced trading costs. Conversely, IC Markets is highly attractive for those looking for ultra-low spreads and competitive costs across different trading platforms, especially for high-frequency traders aiming to minimize expenses. Both brokers offer substantial value, but IC Markets leads slightly in terms of overall fee competitiveness and awards recognition.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.00 | 0.62 |
| All-in Cost EUR/USD - Active | 0.70 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and IC Markets both stand out in offering a wide array of financial products, especially for forex traders. Pepperstone provides access to forex trading through both CFDs and spot contracts, with a total of 65 available forex pairs out of 1726 tradeable symbols. IC Markets, on the other hand, also offers forex trading via CFDs and spot contracts with 61 forex pairs, but impresses with a broader selection of 3583 tradeable symbols overall. Both brokers cater to modern traders' needs by supporting copy trading and cryptocurrency derivatives, although neither grants access to actual cryptocurrency ownership. It's important to note that neither broker facilitates buying U.S. exchange-traded securities.
Despite the similarities, IC Markets edges slightly ahead regarding international exchange-traded securities, enabling investors to trade shares like Vodafone on international platforms, a feature not offered by Pepperstone. Consequently, IC Markets receives a 4.5-star rating for its range of investments compared to Pepperstone's 4 stars. The difference is minimal, as reflected by their close rankings from ForexBrokers.com, where IC Markets takes the 25th spot and Pepperstone follows at 26th among 62 brokers. Ultimately, both platforms exhibit versatility and quality, yet the choice might hinge on individual trading interests and requirements.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 3583 |
| Forex Pairs (Total) | 65 | 61 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Pepperstone and IC Markets both provide traders with ample options when it comes to trading platforms and tools. Both brokers offer simulated trading through free virtual demo accounts, allowing new users to get accustomed to their systems without financial risk. While Pepperstone has its own proprietary platform, IC Markets does not, although both brokers support popular trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Additionally, both offer Windows-based desktop download platforms and web-based trading options, catering to diverse trading preferences. Copy trading is supported by both, but each has its unique offerings: Pepperstone supports DupliTrade, whereas IC Markets offers ZuluTrade.
In terms of charting tools, Pepperstone and IC Markets both allow trading directly from stock charts. Pepperstone leads slightly with 30 charting drawing tools compared to IC Markets' 15. However, they both offer 7 columns for watchlists, ensuring traders have adequate fields for tracking their interests. Both brokers share a 4-star rating for trading platforms and tools, although IC Markets holds a slight edge, ranked #16 compared to Pepperstone's #22 by ForexBrokers.com. These aspects make both brokers strong contenders, each with particular strengths that can appeal to a variety of trading needs.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 15 | 30 |
| Charting - Drawing Tools (Total) | 30 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Pepperstone and IC Markets, both brokers deliver reliable experiences for iPhone and Android users. Each app provides stock and forex price alerts and allows traders to draw trendlines, view multiple time frames, and create watchlists with real-time quotes. Both apps support 30 technical studies, and any drawings made on charts are auto-saved for convenience. Where Pepperstone sets itself apart is its watchlist symbol syncing feature, which allows watchlists to sync with the client’s online account, providing flexibility and ease of access no matter where changes are made.
With these offerings, both Pepperstone and IC Markets receive a 4-star rating for their mobile trading apps. Despite their identical ratings, Pepperstone is slightly ahead, ranked #21 compared to IC Markets' #22 in ForexBrokers.com’s ranking out of 62 brokers. Regardless, both platforms are strong choices for traders seeking reliable, feature-rich mobile trading experiences.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Pepperstone and IC Markets both shine with comprehensive market research offerings, providing daily market commentary alongside forex news sourced from top-tier agencies like Bloomberg and Reuters. Both brokers also utilize tools from Autochartist to aid in technical analysis and fundamental research. However, they diverge in certain areas; IC Markets integrates additional research tools from Trading Central, which Pepperstone lacks, while both brokers do not offer services from TipRanks or Acuity Trading. For sentiment analysis, both brokers offer tools that display a ratio of long or short positions, enhancing traders' decision-making processes. Additionally, each broker provides an economic calendar to help users stay informed about global economic events.
Despite the similarities, Pepperstone edges out with a slightly higher research rating of 4.5 stars compared to IC Markets' 4 stars, according to evaluations by ForexBrokers.com. This finer margin of distinction contributes to Pepperstone's higher ranking at #12 out of 62 brokers in the research category, whereas IC Markets holds the #23 spot. These ratings can guide traders seeking a broker with more slightly comprehensive research capabilities.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone and IC Markets both provide ample educational resources for those new to forex and CFDs trading. Each broker offers over 10 educational pieces, including articles, videos, and archived webinars, ensuring that beginners have a solid foundation to start their trading journey. Both platforms also host monthly online client webinars, which are complemented by searchable archives of past recordings. This setup allows novices to access a wealth of knowledge at their own pace and revisit topics as needed.
For those just starting out, beginner-friendly educational videos are available in abundance on both Pepperstone and IC Markets, with more than 10 videos dedicated to introductory trading concepts. Each broker goes beyond the basics by providing video content geared towards advanced traders for continued learning. Additionally, their detailed investor dictionaries, containing definitions of over 50 investing terms, help demystify trading jargon. In terms of overall education ratings, Pepperstone is slightly ahead with 4.5 stars compared to IC Markets’ 4 stars, yet IC Markets is ranked higher at #16 out of 62 brokers by ForexBrokers.com, with Pepperstone holding the #18 spot.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Pepperstone is better than IC Markets. Pepperstone finished with an overall rank of #16, while IC Markets finished with an overall rank of #20.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
Pepperstone
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IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 84 |
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Both Pepperstone and IC Markets do not offer the ability to buy actual delivered cryptocurrency but provide the option to trade cryptocurrency derivatives.
Pepperstone and IC Markets both offer convenient payment options such as Visa/Mastercard, PayPal, Skrill, and bank wires for depositing and withdrawing funds; however, unlike IC Markets, Pepperstone additionally provides ACH or SEPA transfers for flexible transactions.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Pepperstone | IC Markets | |
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| Trust Score | 95 | 84 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | IC Markets Review |
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| Regulation | Pepperstone | IC Markets | |
|---|---|---|---|
| Trust Score | 95 | 84 | |
| Year Founded | 2010 | 2007 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 3 |
| Tier-1 Licenses (Highly Trusted) | Pepperstone | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Pepperstone | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Pepperstone | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1726 | 3583 | |
| Forex Pairs (Total) | 65 | 61 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Pepperstone | IC Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.00 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Pepperstone | IC Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | Yes | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Pepperstone | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Drawing Tools (Total) | 30 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Pepperstone | IC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Pepperstone | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Pepperstone | IC Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Pepperstone Review | IC Markets Review |
| Overall | Pepperstone | IC Markets | |
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| Trust Score | 95 | 84 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | IC Markets Review |
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